The world is gradually shifting online and this time it's the banks. With the recent increase in FinTech startups like Paytm and MobiKwik, there lies the threat that banks will soon be taken over by them. Is this true, answers Manish Patel, the founder of Mswipe.
"Banks are a repository for money and lending", says Manish, "and they will continue to do so." He firmly believe that though some of the financial services of banks will be disrupted, the FinTech startups will remain to be just another means to pay, not hold money. A way to gain access your bank accounts.
However, some of the services that will be disrupted largely includes on-tap-loans. Though banks are good at accessing credit, but on-spot loans are something that does not suit banks.